Tianjin Trust Lists 4.99% Stake in Tianhong Fund for RMB1.567 Billion; Inner Mongolia Junzheng Poised to

Tianjin Trust Co. , Ltd. is listing its 4.99% stake in Tianhong Asset Management Co. on the Tianjin Exchange Group, with a minimum transfer price of RMB1.567 billion. According to the listing announcement, the transfer window runs from August 3 to August 31, 2026, and no specific reason for the sale was provided. Upon completion, Tianjin Trust's stake in Tianhong will fall from 16.8% to 11.81%. Inner Mongolia Junzheng Energy and Chemical Group Co. , which currently holds 15.6%, will thereby become Tianhong's second-largest shareholder.

Tianjin Trust was founded by the Tianjin Branch of the People's Bank of China on October 20, 1980, and began operations on November 1 of that year, making it one of the earliest trust investment institutions in China. In September 2002, it was re-registered with approval from the People's Bank of China. In June 2009, with approval from the then China Banking Regulatory Commission, it adopted its current name, Tianjin Trust Co. In April 2014, its registered capital was increased to RMB1.7 billion. Having survived multiple industry-wide reorganizations, it is one of the few trust companies permitted to remain independently operating throughout. Financial data show that in full-year 2025, Tianjin Trust recorded operating revenue of RMB1.064 billion, down 1.16% year on year, and net profit of RMB506 million, down 1.55%.

Tianhong Fund was established on November 8, 2004, and is one of the national public fund management companies approved by the China Securities Regulatory Commission, with registered capital of RMB514.3 million. In 2013, Tianhong partnered with Alipay to launch Yu'ebao, and it serves as the manager of the Tianhong Yu'ebao money market fund. Tianhong currently has eight shareholders: Ant Technology Group Co. holds 51.0%, Tianjin Trust holds 16.8%, Inner Mongolia Junzheng Energy and Chemical Group Co. holds 15.6%, Wuhu Hi-Tech Investment Co. holds 5.6%, and four employee shareholding platforms together hold 11%.

As of the end of the second quarter of 2026, Tianhong's total assets under management reached RMB1.29 trillion, ranking sixth among 164 public fund institutions. Money market funds accounted for RMB741.889 billion, while non-money market funds totaled RMB552.355 billion. Among these, bond funds stood at RMB267.784 billion, equity funds at RMB200.756 billion, and mixed funds at RMB26.305 billion. In full-year 2025, Tianhong generated operating revenue of RMB5.746 billion, up 6.54% year on year, and net profit of RMB1.885 billion, up 12.26%. In the first half of 2026, Tianhong posted operating revenue of RMB2.798 billion, up 0.63% year on year, and net profit of RMB896 million, down 2.32%.

Equity changes in the fund industry have been relatively frequent in recent years. Since 2020, at least 47 public fund companies have undergone changes in ownership or control, involving more than 60 cases, spanning both leading and smaller institutions. In the past two years alone, 14 public funds have completed equity transfers, capital increases, or shareholder adjustments. Notable examples include: in 2025, after Guotai Junan absorbed Haitong Securities, the 51% stake in HFT Fund and the 27.775% stake in Fullgoal Fund were transferred into the Guotai Junan system; ICBC Credit Suisse Asset Management's 20% stake was taken over by UBS AG following UBS Group's absorption of Credit Suisse. In 2025, Qatar Holding acquired a 10% stake in China AMC. In 2026, SBI Pension Fund adjusted 39% of its equity structure due to internal integration among foreign shareholders, and SWS Fund introduced Banco Santander (Spain) as a new shareholder, which received a 20% stake.